Steadfast purchases Whitbread.
Global Banking News-December 4, 2017--Steadfast purchases Whitbread
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Global Banking News - 04 December 2017
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Australia-based Steadfast Group, considered to be the nation's largest network of insurance brokers and advisers, has said that it is to purchase broker and strata-focused underwriting agency, Whitbread Insurance Group.
The deal is to be completed for USD95m. Steadfast Group said that it would also launch an underwritten institutional placement of USD100m to fund the acquisition.
Robert Kelly, chief executive of Steadfast Group, said, 'Axis will complement our existing agency portfolio. It has performed strongly while showing pricing and underwriting discipline to build long-term relationships in their market.'
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